Resource Center

Presented by Jeramie J. Fortenberry, JD, LLM (Taxation) | Executive Editor, WealthCounsel

The Bipartisan Budget Act of 2015 was signed into law on November 2, 2015. The Act repealed the Tax Equity and Fiscal Responsibility Act (TEFRA) of 1982 audit rules and changed the procedures for partnership audits. Because of the new rules, many common provisions in partnership agreements and operating agreement will soon become obsolete. The new rules also created several traps for the unwary.

Find out how to draft operating agreements and partnership agreements that comply with the new Act. Topics discussed include:

  • Overview of the new law
  • Specific drafting techniques to implement the necessary changes
  • Partnership representative role v. tax matters partner role
  • Planning for the new 6221(b) election
  • How to draft documents that protect new owners from old tax liabilities
  • How to future-proof your documents and avoid revisions later
  • How Business Docx® implements these drafting strategies